business,

HDFC Bank Q3 Results: Net Profit Rises 18%, Meets Estimates

Shelly Shelly Follow Jan 15, 2022 · 1 min read
HDFC Bank Q3 Results: Net Profit Rises 18%, Meets Estimates
Share this

HDFC Bank Ltd.’s net profit rose in the third quarter on higher total income and lower provision.

India’s largest private sector lender saw its net earnings increase 18% over the year earlier to Rs 10,342 crore in the three months ended December, according to its exchange filing. That compares with the Rs 10,136-crore consensus estimate of analysts tracked by Bloomberg.

Its net interest income, or core income, rose 13% year-on-year to Rs 18,443 crore.

Other income jumped 10% to Rs 8,183.6 crore.

The private lender’s asset quality improved during the reported quarter.

Its gross non-performing asset ratio fell to 1.26%, down 9 basis points sequentially.

Net NPA ratio also declined 3 basis points over the preceding three months to 0.37%.

Total provisions during the quarter fell 12.3% year-on-year to Rs 2,994 crore.

The bank, as on Dec. 31, had restructured retail loans worth Rs 14,564 crore under the Reserve Bank of India’s second Covid-19 restructuring scheme. Individual business loans worth Rs 1,566 crore and small business loans worth Rs 1,889 crore were also restructured under the extended scheme announced in May 2021.

Join Newsletter
Get the latest news right in your inbox. We never spam!
Shelly
Written by Shelly Follow
Blogger, techy, love to explore new ideas and write on my morning coffee!